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{\info {\author .}{\company .}{\title .}{\creatim\yr2024\mo12\dy1\hr18\min38}}
\deflang1033\plain\fs24
{\footer\pard\qc\plain\f0\fs24\chpgn\par}
{
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(1)}\cell \pard\intbl\qc {(2)}\cell \pard\intbl\qc {(3)}\cell \pard\intbl\qc {(4)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {Capital_Distortion}\cell \pard\intbl\qc {Capital_Distortion}\cell \pard\intbl\qc {Distortion}\cell \pard\intbl\qc {Distortion}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\pard\intbl\ql {IM}\cell \pard\intbl\qc {0.029{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.002{\super ***}}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(8.75)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(7.20)}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {lnage}\cell \pard\intbl\qc {0.352{\super ***}}\cell \pard\intbl\qc {0.352{\super ***}}\cell \pard\intbl\qc {0.030{\super ***}}\cell \pard\intbl\qc {0.030{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(45.56)}\cell \pard\intbl\qc {(45.59)}\cell \pard\intbl\qc {(44.74)}\cell \pard\intbl\qc {(44.76)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {lnage2}\cell \pard\intbl\qc {-0.077{\super ***}}\cell \pard\intbl\qc {-0.077{\super ***}}\cell \pard\intbl\qc {-0.007{\super ***}}\cell \pard\intbl\qc {-0.007{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(-38.68)}\cell \pard\intbl\qc {(-38.71)}\cell \pard\intbl\qc {(-38.49)}\cell \pard\intbl\qc {(-38.52)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {lnemployee}\cell \pard\intbl\qc {0.112{\super ***}}\cell \pard\intbl\qc {0.111{\super ***}}\cell \pard\intbl\qc {-0.007{\super ***}}\cell \pard\intbl\qc {-0.007{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(32.46)}\cell \pard\intbl\qc {(32.36)}\cell \pard\intbl\qc {(-22.46)}\cell \pard\intbl\qc {(-22.56)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {lnimv_firm}\cell \pard\intbl\qc {-0.002{\super ***}}\cell \pard\intbl\qc {-0.002{\super ***}}\cell \pard\intbl\qc {0.000}\cell \pard\intbl\qc {0.000}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(-4.91)}\cell \pard\intbl\qc {(-5.00)}\cell \pard\intbl\qc {(0.43)}\cell \pard\intbl\qc {(0.33)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {lngdp}\cell \pard\intbl\qc {0.281{\super ***}}\cell \pard\intbl\qc {0.281{\super ***}}\cell \pard\intbl\qc {0.017{\super ***}}\cell \pard\intbl\qc {0.017{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(16.07)}\cell \pard\intbl\qc {(16.05)}\cell \pard\intbl\qc {(10.70)}\cell \pard\intbl\qc {(10.67)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {lnpeople}\cell \pard\intbl\qc {-0.170{\super ***}}\cell \pard\intbl\qc {-0.170{\super ***}}\cell \pard\intbl\qc {-0.009{\super ***}}\cell \pard\intbl\qc {-0.009{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(-12.68)}\cell \pard\intbl\qc {(-12.70)}\cell \pard\intbl\qc {(-7.15)}\cell \pard\intbl\qc {(-7.17)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {lncitywage}\cell \pard\intbl\qc {0.021{\super **}}\cell \pard\intbl\qc {0.021{\super **}}\cell \pard\intbl\qc {0.008{\super ***}}\cell \pard\intbl\qc {0.008{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(2.20)}\cell \pard\intbl\qc {(2.18)}\cell \pard\intbl\qc {(7.60)}\cell \pard\intbl\qc {(7.59)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {cpi}\cell \pard\intbl\qc {-0.000}\cell \pard\intbl\qc {-0.000}\cell \pard\intbl\qc {-0.000}\cell \pard\intbl\qc {-0.000}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(-1.27)}\cell \pard\intbl\qc {(-1.26)}\cell \pard\intbl\qc {(-1.35)}\cell \pard\intbl\qc {(-1.34)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {HHI}\cell \pard\intbl\qc {-0.203{\super ***}}\cell \pard\intbl\qc {-0.200{\super ***}}\cell \pard\intbl\qc {-0.015{\super **}}\cell \pard\intbl\qc {-0.015{\super **}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(-2.64)}\cell \pard\intbl\qc {(-2.61)}\cell \pard\intbl\qc {(-2.01)}\cell \pard\intbl\qc {(-1.97)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {indemployeeshare}\cell \pard\intbl\qc {-1.710{\super **}}\cell \pard\intbl\qc {-1.712{\super **}}\cell \pard\intbl\qc {-0.409{\super ***}}\cell \pard\intbl\qc {-0.410{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(-1.98)}\cell \pard\intbl\qc {(-1.98)}\cell \pard\intbl\qc {(-5.73)}\cell \pard\intbl\qc {(-5.75)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {indsoeshare}\cell \pard\intbl\qc {-0.306{\super ***}}\cell \pard\intbl\qc {-0.307{\super ***}}\cell \pard\intbl\qc {-0.012{\super ***}}\cell \pard\intbl\qc {-0.012{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(-17.66)}\cell \pard\intbl\qc {(-17.72)}\cell \pard\intbl\qc {(-6.39)}\cell \pard\intbl\qc {(-6.44)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {indfoeshare}\cell \pard\intbl\qc {-0.105{\super ***}}\cell \pard\intbl\qc {-0.106{\super ***}}\cell \pard\intbl\qc {0.011{\super ***}}\cell \pard\intbl\qc {0.011{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(-6.31)}\cell \pard\intbl\qc {(-6.38)}\cell \pard\intbl\qc {(6.42)}\cell \pard\intbl\qc {(6.35)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {Intensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.038{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.003{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(9.99)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(8.50)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {Extensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.007}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.001}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(1.26)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(1.10)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {_cons}\cell \pard\intbl\qc {-2.263{\super ***}}\cell \pard\intbl\qc {-2.250{\super ***}}\cell \pard\intbl\qc {-0.118{\super ***}}\cell \pard\intbl\qc {-0.117{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrb\brdrw10\brdrs\cellx1308\clbrdrb\brdrw10\brdrs\cellx2964\clbrdrb\brdrw10\brdrs\cellx4620\clbrdrb\brdrw10\brdrs\cellx6276\clbrdrb\brdrw10\brdrs\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(-7.79)}\cell \pard\intbl\qc {(-7.75)}\cell \pard\intbl\qc {(-4.50)}\cell \pard\intbl\qc {(-4.45)}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\pard\intbl\ql {{\i N}}\cell \pard\intbl\qc {1535819}\cell \pard\intbl\qc {1535819}\cell \pard\intbl\qc {1527894}\cell \pard\intbl\qc {1527894}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {adj. {\i R}{\super 2}}\cell \pard\intbl\qc {0.624}\cell \pard\intbl\qc {0.625}\cell \pard\intbl\qc {0.592}\cell \pard\intbl\qc {0.592}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrb\brdrw10\brdrs\cellx1308\clbrdrb\brdrw10\brdrs\cellx2964\clbrdrb\brdrw10\brdrs\cellx4620\clbrdrb\brdrw10\brdrs\cellx6276\clbrdrb\brdrw10\brdrs\cellx7932\pard\intbl\ql {year}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\pard\ql\fs20 {\i t} statistics in parentheses\par}
{\pard\ql\fs20 {\super *} {\i p} < 0.1, {\super **} {\i p} < 0.05, {\super ***} {\i p} < 0.01\par}
}
{\pard \par}
}
